SAIC's $130B Pipeline Boosts Outlook, Booz Allen Faces Valuation Challenge, Says JP Morgan
SAIC's $130B Pipeline Boosts Outlook, Booz Allen Faces Valuation Challenge, Says JP Morgan
Seifman writes that they see it in the qualified pipeline growing from approximately $115 billion in FY24 to $130 billion and in the planned increase in submitted bids from $17 billion last year to $22 billion this year.JP Morgan analyst Seth M. Seifman changed the rating on federal IT services companies, Science Applications International Corporation (NASDAQ:SAIC) and Booz Allen Hamilton Holding Corporation (NYSE:BAH).
JP Morgan分析师Seth M. Seifman改变了对联邦IT服务公司科学应用国际公司（纳斯达克：SAIC）和Booz Allen Hamilton控股公司（纽交所：BAH）的评级。
The analyst upgraded Science Applications to Overweight from Neutral and raised the price target to $170 from $150.
分析师将科学应用公司的评级从中立调升至增持，并将目标股价从150美元提高至170美元。
During the April Investor Day, management emphasized plans to transition SAIC toward higher-value work, which is still in its early stages. Meanwhile, the analyst notes that last quarter's results showed that SAIC is progressing.
在4月的投资者日上，管理层强调了将SAIC转向更高价值工作的计划，目前仍处于早期阶段。与此同时，分析师指出上一季度的业绩表现显示SAIC正在取得进展。
Seifman writes that they see it in the qualified pipeline growing from approximately $115 billion in FY24 to $130 billion and in the planned increase in submitted bids from $17 billion last year to $22 billion this year.
Seifman写道，他们看到合格的销售订单从约1150亿美元增至到1300亿美元，并计划递交投标额从去年的170亿美元增至今年的220亿美元。
The analyst says that SAIC must secure new contracts and effectively execute them, as some projects may carry higher risks and technical demands, though they offer the potential for improved margins.
分析师表示，SAIC必须获得新合同并有效执行，因为一些项目可能承载更高的风险和技术需求，尽管这些项目有望提高利润率。
Seifman says that SAIC should overcome challenges from lost recompetes that are currently suppressing organic growth by about five points this fiscal year. However, the risk of recompete losses is expected to decline next year, adds the analyst.
Seifman表示SAIC应该克服由于目前约减五个百分点的有机增长，出现的从头再来的挑战。然而，分析师补充说，明年再度竞标损失的风险预计将下降。
Also Read: Deep Dive Into Booz Allen Hamilton Stock: Analyst Perspectives (8 Ratings)
此外阅读：深入研究Booz Allen Hamilton股票：分析师观点（8个评级）
On the other hand, Seifman downgraded Booz Allen Hamilton to Underweight from Neutral but raised the price target to $158 from $154.
另一方面，Seifman将Booz Allen Hamilton的评级从中立调降至卖出，但将目标股价从154美元提高至158美元。
BAH has experienced several quarters of exceptional growth, but the analyst expects this growth to normalize to a level more in line with peers, which may pose a challenge for its relative valuation.
BAH经历了几个季度的异常增长，但分析师预计这种增长将趋于正常，与同行更加接近，这可能会对其相对估值构成挑战。
The analyst says that last quarter, the company reported a revenue shortfall, excluding billable expenses, along with higher-than-expected costs, resulting in an adjusted EBITDA miss. Despite this, the stock has rebounded to an all-time high.
分析师表示，上个季度，该公司报告了营业收入短缺，不包括可计费费用，以及超出预期的成本，导致调整后的EBITDA不达预期。尽管如此，该股已反弹至历史新高。
The analyst's fiscal second-quarter estimate aligns with consensus, and they do not view this quarter as a negative catalyst.
分析师的财季第二季度估计与共识一致，他们认为这一季度不会成为负面催化剂。
However, Seifman notes BAH faces a high bar for performance and could be vulnerable to signs of decelerating growth.
然而，Seifman指出BAH面临着高绩效标准，并可能对增长放缓的迹象持有脆弱态度。
Price Action: BAH shares are down 1.01% at $161.74, while SAIC shares are up 0.86% at $141.99 at the last check Wednesday.
股价走势：BAH股价下跌1.01%，为161.74美元，而science applications international股价上涨0.86%，报141.99美元，在上周三的最新检查时。
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